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Morocco GDP Up 3.8% in Q3

Morocco GDP Up 3.8% in Q3

Morocco’s economy grew 3.8% in the third quarter of this year, after a slow growth of 1.3% in the same period last year, the official High Commission for Planning said on Saturday, Xinhua reported. The planning commission said that this growth was mainly due to the rise in agricultural output by 14.5% in the third quarter, a sharp jump from a 13.6% drop last year.
The Moroccan economy was hit hard by a severe drought in the autumn of 2015, which affected the 2016 agricultural production. Due to heavy rainfall in late 2016, the economy has greatly improved this year.
Industry turnover also grew by 2.7% compared with 0.8% the year before, while services sector slowed down this year from 3.1% to 2.6%. According to Morocco’s central bank, the economy is expected to surge by 4.1% in 2017 after a slow growth of 1.2% in 2016.